Using the cloud to revolutionize Real Estate Closings in NYC
Recently, I had an idea to cut through the inefficiency that is the real estate closing process in New York. Typically, it takes days if not weeks to get a Contract signed, when, realistically, that could be done in as little as 24 hours (if you’re able to do the due diligence.) This led us to Basecamp and Trello. What if we could upload the Contracts to the cloud, so everyone on the deal had access to it (with the clients consent).? That way, a real estate broker would never have to ask “Where are the damned Contracts???” That way, a client never had to try and decipher whether the buyers attorney or the sellers were sitting on the Contract. And it has bigger implications as well. Mortgage commitments could be uploaded, allowing sellers attorney to be notified that the commitment was in place. There are all types of efficiencies. But, is this ethical? Before going forward, I wrote the New York State Bar Association seeking guidance for this issue. It took them months, but to my surprise, they not only wrote a response, but published an opinion on the very subject, which you can find HERE .
Would be glad to hear your thoughts on this.